Select & Collect – Minimise shrinkage, maximise control
All retailers struggle with inventory losses and with seeing their revenues dwindle due to shrinkage. The average shrinkage in the retail industry is about 2 % of sales (National Retail Federation). That added up to $123 billion for retailers worldwide in 2015.
Shrinkage due to theft – internal or external – is one of the most urgent issues for the retail industry to solve. Shrinkage due to employee theft and shoplifting make up 77% of the total shrinkage globally.
The most stolen products are small premium price products: razors, tobacco, non-prescription drugs, condoms, pregnancy tests, batteries, mobile accessories, and makeup – products that are easy to conceal and re-sell.
Closely connected to the shrinkage issue, is inventory control. Monitoring inventory, counting and restocking ties up a lot of resources and takes away from more productive activities.
How it works
With a Select & Collect solution, shrinkage can be eliminated at the same time as inventory control becomes more efficient. A Select & Collect solution stores the premium price products in a dispenser placed at the exit of the store. Customers get product cards or tickets from touch screens around the store, move on to the checkout, pay for the products and then collect them from the dispenser.
Zero losses, better business
Vensafe is StrongPoint’s Select & Collect solution for premium price products that eliminates losses and optimises inventory operations. Premium price products are stored in the secure Vensafe dispenser. This protects profits by preventing all losses due to shoplifting or employee theft.
With Vensafe, your staff don’t have to stock and restock the premium price products, they only need to restock the Vensafe dispenser. This improves inventory management and control through a software solution that communicates inventory information.